More analysis of the March statistics

The drop in the median sales price for Hawaii, down in March 8.6% year over year, has been slowly building speed.  One of the price points that is doing the worst is the $650,000 to $1.1 mil range.  This range is down roughly 7% year over year in the month of March.  The lack of financing availability plus rising mortgage rates seems to putting the breaks on people buying properties.  Also, it seems that is some neighborhoods, such as Kailua, that sellers have been a bit too aggressive with pricing.

We still have hope for a market turnaround this summer as families try to get settled before the school year starts in the fall, but we need to keep rates lower and more support needs to be given to the mortgage market.  To learn more about the Hawaii real estate market or to find your piece of paradise contact Malia L. Meenderman, R, our principal broker.

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